Putting a property under a trust

[Alexandra Psarakis]

Hello- My mother and grandma currently have a property that they own together. As they are getting older they would like to put it in a Trust in which I would be apart of and be the successor trustee. I was just wondering how to go about it. Does the deed and loan need to be changed? Will I need to qualify for the loan in order to be a part of the trust and have the house under the trust? If my mom and grandma were to default on the loan would it go to me first before foreclosure?

Any advice or insight on the matter would be greatly appreciated! 

[Eamonn McElroy]

@Alexandra Psarakis

Best to speak with an attorney.

More important than the mechanics of how a trust works is does a trust fit in with the goals and wishes of your mother and grandmother.

They'll get to know everyone's facts, circumstances, and goals, and answer any questions you may have.